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Forex: US Dollar Index in session lows, around 82.55/60

The greenback, measured by the US Dollar Index, is grinding lower on Monday, punished by the increased risk appetite as market participants digested Friday’s Payrolls figures and today’s weak data from the Chinese economy.

David Solin, analyst at FXA.com, focus on the long-term outlook for the USD, commenting, “The market is seen within a larger period of ranging/consolidating since the July high at 84.10, which is likely not "complete". This in turn leaves open scope for another month (or more) of wide ranging, with potential for declines toward the neckline of the large head and shoulders pattern (currently at 78.90/05), the Sept low at 78.60 and even temporarily below as part of this larger period of consolidating”.

At the moment, the index is losing 0.30% at 82.59, and according to tradingcentral.com, the next support levels line up at 82.45, 82.30 and 82.05; while resistance levels are located at 82.95, 83.15 and 83.30

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